Dermot Property Associates Sells 14-Building Portfolio for $190.5M

NEW YORK—Dermot Property Associates, an affiliate of The Dermot Co. Inc. has sold a portfolio of 14 buildings located in Manhattan, the Bronx and Queens for $190.5 million. Cushman & Wakefield’s New York capital markets team led by Steve Kohn, Helen Hwang, Mark Ehlinger, Nat Rockett, Karen Wiedenmann, Sujohn Sarkar and Sridhar Vankayala represented Dermot Property Associates in the disposition.

The portfolio contains 861 apartments and 41 retail units. Some of the properties include:

• 201 and 207 West 11th Street, which is located in the West Village of Manhattan. Both properties stand six stories high and have a total of 67 residential units and five commercial units. The properties were built in 1920 and 1900, respectively.

• 229 East 12th Street, which is located in Manhattan’s East Village. Built in 1920, the seven-story, elevator building has a total of 36 residential units.

• 71 and 81 Orchard Street, which are located in Manhattan’s Lower East Side. Built in 1907, the six-story, walk-up buildings have a total of 60 residential units and seven commercial units.

• 2131 and 2132 Wallace Avenue, which are located in the Bronx. Built in 1929, the six-story, elevator buildings have a total of 344 residential units and 18 commercial units. The property features several convenient shops and retailers on Lydig Avenue.

• 21-80 and 21-81 38th Street, which is located in Astoria. The four-story walk-up buildings contain 73 residential units and 11 commercial units and were built in 1927.